City's Loan

In part of Los Angeles and Orange County we had a power outage that lasted about two hours this afternoon. This isn't Iraq where 40% of the time they have power failures. This is a rare event but it reminded me of the world and people we depend on to go about our daily lives. Today's home owner or home buyer is experiencing the same level of surprise when they try to get a mortgage loan. Make no mistake about it THIS IS NOT A PROBLEM FOR OTHER PEOPLE. If you are thinking about selling, your buyer has to ...

There is plenty of information being disseminated as to why jumbo mortgage rates have increased recently. What hasn't been discussed as much is that there are some lenders who are offering attractive jumbo rates - you just need to do a little work to find them.If you think rates are going to stay low for a while, Suntrust Mortgage is offering very attractive adjustable jumbo rates. For example, today they are offering a wholesale base rate of 4.625% on a 6 month adjustable with a rebate of .215% to the broker (there may be other charges on top of this ...

unless you are a seasoned Wall St professional, a mortgage banker or a CNBC junkie. Repeat after me:The FED doesn't move mortgage rates. This widely held belief came about over the last decade when the FED's moves would cause other debt instruments to move up or down.Mortgage rates are set by the investors who buy the debt. Fannie and Freddie Mac who handle the conforming market repackage mortgages into 1 billion dollar pools. These pools are bid on and purchased by pension funds, insurance companies, banks, mutual funds, and foreign investors. Basically, any entity with a need to invest in ...

In the spirit of democracy and a good Saturday round table discussion, what is your view on the proposed bailout plans that the presidential candidates have been discussing?If you would like to voice your opinion on a bailout please visit: Petition.Please voice your thoughts and comments below: Bailout?

For homeowners seriously delinquent on their mortgages & hoping for some relief, the IRS has bad news: If your lender agrees to modify your loan & forgive any part of your debt, you could owe federal income taxes on the amount forgiven.This is especially bad news for the growing numbers of credit-impaired sub-prime borrowers who find themselves "upside down" in the current market: They owe more on their mortgages than the value of their houses, thanks to noxious combinations of zero down payments, declining property values & hefty payment increases they can't afford. They get you coming and going.

How do we get out of this financial mess?

Jumbo rates have moved up in the past week. However, some of our lending sources are still offering attractive 5 year fixed rates in the 5% to low 6% range.One loan program I find particularly attractive in the current marketplace is a 6 month adjustable rate mortage. It offers interest-only payments with no possibility of  negative amortization. The index it is ties to is the very stable COFI index. Start rates begin as low as 3.49% (6.45% APR), with a 1% cap rate per adjustment. This loan can really help someone who wants to reduce their monthly expenses and increase their cash ...

What's the trickle down from these job cuts? Many of these have occured in the hottest job areas. Have you heard any stories or any anecdotial evidence of this affecting your local economy? Job Losses Heaviest in months.

This is an interesting article that all Burlingame borrowers should be aware of.Via Loreena Yeo - Broker|Realtor(R) of www.Frisco-TX-Homes.com (214) 783-2210 (3:16 team REALTY):For the longest time, there was no standardization in good faith estimates presented by Lenders when a loan application is made by a borrower. In efforts to facilitate a better shopping experience for the consumers, HUD requires all lenders use the new standardized format for Good Faith Estimates effective January 1 2010. At first glance, the standardized format of the Good Faith Estimate is easy to read, understand and digest by the ...

This is an interesting article that all Burlingame borrowers should be aware of.Via Loreena Yeo - Broker|Realtor(R) of www.Frisco-TX-Homes.com (214) 783-2210 (3:16 team REALTY):For the longest time, there was no standardization in good faith estimates presented by Lenders when a loan application is made by a borrower. In efforts to facilitate a better shopping experience for the consumers, HUD requires all lenders use the new standardized format for Good Faith Estimates effective January 1 2010. At first glance, the standardized format of the Good Faith Estimate is easy to read, understand and digest by the ...